To learn more about how your data is used by us when you use the website, please read our Privacy Policy. We use cookies to deliver our services and to ensure that we give you the best experience on our website. For details on our use of cookies, please go to the Cookie Policy

RNCOS White Paper: Indian Medical Device Market Growing at 16% CAGR

India’s medical device market is fourth largest amongst its Asian peers. It accounts for around 7% of its healthcare market, trailing only Japan, China and South Korea. With over 700 medical device makers, it ranks among the world’s top 20. RNCOS’ recent study depicts that the Indian medical device market is expected to bolster at an annual growth rate of around 16% during 2012-2017 to become a US$ 10.7 Billion market by 2017. Amongst its key segments, medical and diagnostic equipments bag the largest share of 56%, medical implants account for 25% while medical disposables and supplies grab 19% share.

In the areas requiring higher technological sophistication in both the Medical and Diagnostic Equipments and Medical Implants, the sector is dominated by multinationals. On the contrary, the low to medium-end Medical Disposables and Supplies is largely catered by domestic players. The share of imports in the medical device industry is as high as 72% due to the taxation system in the country that is highly skewed to favor imports.

Highlighting industry drivers and restraints, Shushmul Maheshwari, Chief Executive, RNCOS, said that rising medical tourism, increased private investment in primary healthcare and growth in telemedicine are major factors fueling the industry growth. He also stressed that high dependence on import; nascent regulatory set-up and inadequate R&D are major hurdles in the growth path. To cater to the burgeoning market, many multinationals are planning to enhance their presence in the Indian market.

With over a decade of experience in research and consultancy, RNCOS acts as your growth partner in all your business endeavors, be it product launching, geographic expansion, sales improvement, distributor/retailer tie-ups etc. We help make your business flourish by studying the market dynamics, collating with your business and devising the right strategies.

RNCOS specializes in Industry intelligence and creative solutions for contemporary business segments. Our professionals analyze the industry and its various components, with a comprehensive study of the changing market behavior. Our accuracy and data precision proves beneficial in terms of pricing and time management that assist the intending consultants in meeting their objectives in a cost-effective and timely manner.

About RNCOS

RNCOS specializes in Industry intelligence and creative solutions for contemporary business segments. Our professionals analyze the industry and its various components, with a comprehensive study of the changing market behavior. Our accuracy and data precision proves beneficial in terms of pricing and time management that assist the intending consultants in meeting their objectives in a cost-effective and timely manner.